Cairo – Mubasher: Qalaa Holdings, the main shareholder in Taqa Arabia, on Monday announced its first investment in generating solar power through photovoltaic (PV) cells at a cost of EGP 1.35 billion.
The Cairo-based firm aims at establishing, operating, and managing a 50-megawatt solar power plant in Benban Solar Park in the Upper Egypt governorate of Aswan in collaboration with Hassan Allam Holding, according to a statement to the Egyptian Exchange (EGX).
Revenues of the project are expected to stand at around EGP 10.8 million per annum, Qalaa Holdings said.
Five international funding institutions headed by the International Finance Corporation (IFC) have financed the on-going project, the statement added.
The trial operation of the project is set in late 2018, the statement indicated, pointing out that electricity generation and sale will begin in early 2019.
The project follows the second phase of the feed-in-tariff scheme and helps diversify the North African nation's electricity sources and diminish pollution, Qalaa Holdings added.
It is worth noting that Taqa Arabia holds 60% of the solar power project, while Hassan Allam owns 40% of it.
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